What is it?
An ongoing priority risk by the SRA, ‘Protecting Client’s Money’ is all about the misuse of client’s money.
Why is it important?
Although the number of law firms who misuse client’s money is relatively low, the impact is high, not only for the public but also the cost to other firms through compensation funds and PII costs.
What does the COLP/COFA need to be mindful of?
- Appropriate vetting, supervision and training of all staff.
- Have in place good accounts management and audit regularly.
- Have appropriate controls on the client account, including who can access it, when and how.
By Lisa Charles